I would suggest reporting the $1600 cost as a negative number to offset the income from the 1099K. Here is my suggestion.
- Click Federal Taxes -> Wages & Income
- Scroll down to Less Common Income Go to the last selection, Miscellaneous Income and click Start
- Go to the last option, Other reportable income and click Start
- When it asks, "Any other reportable income?" say yes and then type in Offset to 1099K Income for cost of Tickets then report it as -1600. This will offset the income from your 1099K.
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